Heritage Foods Ltd.

Heritage Foods Limited executed a binding agreement to acquire the dairy business of Reliance Retail Limited (RRL) through slump sale. This is part of the company’s expansion plans. RRL’s dairy business operates a pan-India dairy procurement, processing and distribution platform under the two brands, namely Dairy Life and Dairy Pure. It offers a wide variety of products such as packed milk, flavoured milk, butter, ghee, curd, dairy whitener, sweets and skimmed milk powder. Currently, it procures 2.25 lakh litre of milk per day from 2,400 villages in ten states. The managements of bothstrong synergies between RRL’s dairy business and Heritage, with high growth potential in certain existing markets such as Hyderabad, Mumbai and Delhi and the National Capital Region (NCR), along with new opportunities in states such as Punjab, Uttarakhand and Rajasthan. Post the transaction, RRL will continue to trade in dairy products, including Heritage dairy products. Heritage Foods also plans to add five more milk processing plants in the next five years, at an investment of Rs. 150 crore.